Swiss Re to sell iptiQ's European non-life business to Allianz Direct

Swiss Re has signed an agreement with Allianz Direct regarding the sale of part of its “iptiQ” subsidiary. The deal concerns the non-life entity in Luxembourg (iptiQ EMEA P&C) as well as other P&C activities in different European markets. The amount of the transaction was not disclosed.

Pending regulatory approval, the transaction is expected to close in the second or third quarter of 2025.

Founded in 2014 by Swiss Re, iptiQ is a digital insurance platform that, in partnership with other insurers, brokers and banks, provides non-life, life and health insurance products using the business-to-business-to-consumer (B2B2C) business model.

In May 2024, the Swiss reinsurer announced its intention to divest iptiQ to focus on its core business.

With iptiQ's 130 000 customer base, Allianz Direct, an online insurer and member of the German Allianz Group, will be able to broaden its presence in the B2B2C segment.